Word: factly
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Dates: during 1960-1969
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...another, not unrelated, justification: Harvard can not financially afford to do it any other way, and is therefore forced to rely on those people who can afford both to pay for their own education and to contribute heavily later on in life. If this claim is true--if in fact Harvard cannot afford to lower its fees--then there is little hope for a more heterogeneous student body in the future. Obviously, our attention should shift to the University's financial state...
...this was spent. Two and one-half million was transferred to the principal of the endowment funds and another six million stayed in a fund entitled "Investment income reserved for future distribution," which is Harvard's way of saying that the money was just reinvested. That reserve fund, in fact, is an excellent example of income disuse; it has grown 2,590 per cent since the end of the Second World War (or more than four times as fast as the value appreciation of the general investments) so that it now amounts to more than $64 million...
...fact, in this period the Faculty had a total net surplus (income over expenditures) of over $8 million. More than four and a half million dollars of this was transferred into the principal of the endowment and most of the rest ended up in various reserves and loan funds...
Tuition for Harvard College is to be raised $400 next year. Yet, if the college were completely to subsidize student fees for the next ten years, and if the investments grown at a rate similar to that of the last twenty years (taking into account the fact that much less would be reinvested each year than before) the present billion dollars would become $2.2 billion by 1977. This would hardly leave Harvard financially "busted...
Perhaps ten years is not long enough to tell for sure what the ultimate effects would be on the University's finances. What about the "needs of the 'longer long term?" In fact, with real expenses rising linearly and the investments rising exponentially, Harvard cannot lose over time by allowing the endowment to shoulder more of the burden which student fees now carry...